March 5, 2013 / 11:42 AM / 5 years ago

S&P says Britain's economy not getting any better

LONDON (Reuters) - Britain’s economy continues to deteriorate and next month’s budget will help determine the country’s chances to maintain its top-notch rating, Standard and Poor’s head of EMEA sovereign ratings Moritz Kraemer said on Tuesday.

“(The economy) is not getting any better,” Kraemer told reporters on the sidelines of a Euromoney bond conference.

“We believe that the budget will contain important information for the future policy course of the government and it is something that we will scrutinise.”

S&P rates Britain AAA, but has a negative outlook on the rating implying a one in three chance of a downgrade.

Moody’s became the first rating firm to strip Britain of its coveted top level rating on February 22 as it cited the country’s weak prospects for growth.

Reporting by Marius Zaharia; editing by Marc Jones

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